A wonderful week it has been as bitcoin price has retraced its movements. It’s so sad how the present coronavirus has literarily affected every economic activity with even cryptocurrency inclusive. Yesterday, over $20 billion was lost in the market cap as a result of the fall in the price of oil. I can only advise we try to be more prudent with our trades. Last week we expected that bitcoin price will hit $9,183 before the continuation of the downward trend. It did touch the resistance and then continued downwards. This week we expect some consolidation between $8,211 and $7,688. Even if the price breaks resistance $8,211, it will still continue the downtrend. It’s best to hold the fiat for now then buy bitcoin later when the hope of an uptrend resurface.
Looking at the technical indicators:
Major Support Level – $7,688
Major Resistance Level – $8,211
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